Ashlee Brianne Gabrysch was named Chicago’s next finance chief after a series of high profile financial leaders have abruptly exited City Hall. The appointment was announced Monday by Mayor Brandon Johnson’s office. Gabrysch takes over the vacant CFO seat, a role that has seen significant turnover recently.
Gabrysch most recently served as a senior director at Fitch Ratings, where she was a lead analyst covering the city. The press release highlighted her experience, noting she has worked at the Illinois State Treasurer’s Office and the Cook County Office of the CFO. Her background includes managing credit analysis for more than $50 billion in state and local government issuers.
The mayor’s office cited her expertise in fiscal policy and credit analysis as reasons for the selection. Johnson stated in the release that she understands the need for stability to fund neighborhood investments and essential services. Her roots in the Midwest and familiarity with Illinois policy were also factors in the decision.
This move comes during a period of instability for the city’s financial department. Acting CFO Steven Mahr stepped in last winter after former CFO Jill Jaworski left for a role at Navy Pier. Mahr exited abruptly last month. Additionally, former Deputy CFO Noor Shaikh and ex-Budget Director Annette Guzman have recently departed.
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Ratings agency history complicates the appointment
Gabrysch’s path to the position includes a downgrade of the city’s credit rating. In February, she was one of the Fitch analysts who lowered Chicago’s general-obligation credit rating. The agency’s report at the time was bluntly critical of the Johnson administration’s sale of over $500 million in taxable bonds, noting the funds were used largely to cover operational costs.
Fitch assigned a ‘BBB+’ rating to the city’s GO bonds issued in February. The rating reflects consecutive operating deficits since 2023, high dependence on non-structural solutions, and assumptions underpinning the adopted 2026 budget. The agency also noted ongoing disagreements between the administration and the city council.
The Civic Federation, an independent research organization, called the move a “promising signal.” The group stated that Gabrysch understands the importance of financial signals and how they factor into rating agency and market considerations. They noted that the proof will be in the actions that follow, particularly as the city confronts a difficult budget season in the months ahead.
Despite the background in rating analysis, the choice drew some criticism. A Wednesday editorial in The Chicago Tribune pointed out the downgrade and the specific criticisms contained in the Fitch report regarding the bond sale. The rating downgrade shows the challenges facing the new finance chief, who must now manage both the city’s day-to-day operations and its relationship with credit markets.
